When disaster strikes - are you ready?

More than 6,000 homeowners have been evacuated - more than 12,000 homes are threatened – and the fires in California are still blazing as I write this.

It’s obviously a serious situation for both homeowners and business owners, whhich is why I have to ask you, “how prepared are you in the event of a total loss?"

I often meet people who just don’t think it will happen to them. I have learned over the years to never say “never.” In Iowa, we may not be faced with fires like those in California, but we have had total losses due to flooding and tornadoes.

Iowa has averaged 56 tornadoes a year since the inception of the Doppler Radar system. In 2008, there were 105 tornadoes reported – two of which were extremely powerful. As a matter of fact – Iowa had not been struck by a category 5 tornado since 1976.

Insurance protects your assets. But do you know EXACTLY what assets you have?

Whether it is for your business or your home, insurance companies have several resources available to help you. There are also several companies that can provide services to help you document your belongings and store your data.

Companies that I would recommend that can help business owners and homeowners are: 

• Asset Protections Specialists - they can document your inventory

• Small Business Technology Services– they can back up your data and store it off site

I have personally used both of their services and highly recommend them.

Time slips away from us pretty quickly. It seems like the older I get the faster time goes. That’s why it is imperative that you have an annual review with your insurance agent.

While it's important to review your basic coverage information, it is also a good idea to discuss the following:

• Disaster plans – do you have an alternative plan in place that you can implement so your business can continue to operate in the event of a loss?

• Documentation – do you have documentation of your personal property, accounts receivables and equipment?  If a loss occurs will you be able to provide any proof of damages?

• Storage – how are your backing up data? Where is it stored? Is your information checked for verification? How will you gain access to it? When will you be able to restore your information and begin operating again?

• Income – do you have coverage for loss of income? Would you want that loss of income to cover ordinary payroll for your employees– or would you just lay off all your workers if you were not able to operate?

Don’t wait until it’s too late. Start preparing today.